New York contractors license bonds are a form of surety bonds that provide protection to consumers by offering coverage to professional contractors. In NY contractors can seek contractors license bonds as a means of enhancing the validity and legitimacy of their credentials and providing an added element to their licensing.
Surety bonds are purchased as a line of credit of sorts, providing NY contractors with the security of knowing that should a claim be brought against him for negligent or fraudulent performance, the bond will be available to cover the cost of damage or losses incurred by a legitimate claimant.
The real purpose of contractors license bonds, however, is to act as a financial guarantee from the surety bonds company to the consumer that the contractor will fulfill the tasks of his professional effectively or they will cover damages or costs caused by the faulty performance of the contractor using the penalty amount of the bond. Ox Bonding can assist you in obtaining a NY contractors license bond as well as other surety bonds.